SBI Q4FY24 results, net profit up by 21.59 percent

by Psu Connect
Date: 09-05-24

The largest public sector bank SBI has released its financial fourth quarter results which show Net Profit for FY24 stands at Rs 61,077 crores witnessing a growth of 21.59% YoY after accounting for wage settlement and one-time exceptional item of Rs 7,100 crores.

Meanwhile, Net Profit for Q4FY24 grew by 23.98% to Rs 20,698 crores.

Operating Profit for FY24 grew by 12.05% YoY to Rs 93,797 crores, while Operating Profit for Q4FY24 grew by 16.76% YoY to Rs 28,748 crores.

Bank’s ROA and ROE for FY24 stand at 1.04% and 20.32% respectively. ROA at 1.36% for Q4FY24 improved by 13 bps YoY.
Net Interest Income (NII) for FY24 increased by 10.38% YoY. Whole Bank NIM for FY24 is marginally down by 9 bps YoY to 3.28%.

Balance Sheet

Credit growth is at 15.24% YoY with Domestic Advances growing by 16.26% YoY.

Retail Personal Advances and Corporate loans registered YoY growth of 14.68% and 16.17% respectively.

Whole Bank Deposits grew at 11.13% YoY, out of which CASA Deposit grew by 4.25% YoY. CASA ratio stands at 41.11% as on 31st March 24.

The Gross NPA ratio is at 2.24% improved by 54 bps YoY and Net NPA ratio is at 0.57% improved by 10 bps YoY.

PCR (Incl. AUCA) stands at 91.89% with Provision Coverage Ratio (PCR) being at 75.02%.

The bank's Capital Adequacy Ratio (CAR) as at the end of FY24 stands at 14.28%.